Citing India's success in promoting small and medium enterprises, Prime Minister Nawaz Sharif today called for the development of SMEs in Pakistan to build a strong economic base for the country.
He said this while addressing a gathering of loan seekers, politicians and elders in Malakand division in Swat district of Khyber Pakhtunkhwa province after formally launching the Prime Minister's Youth Business Loan Scheme.
He said that banking sector in India doles out USD 128 billion to the investors seeking to invest in small and medium sectors while it was mere three billion dollars in Pakistan which is negligible and has no comparison with neighbouring countries.
He argued that main factor of the development of China, Japan, UK, Germany and other developed nations was promotion of SMEs in which Pakistan lagged behind.
GDP grows with the promotion of SMEs, he explained.
Sharif said this loan scheme initiated by his government will prove a launching pad for ushering an era of economic prosperity and development in the country and transparency and merit will be maintained at any cost in the disbursement of loans to the deserving applicants.
The Prime Minister lauded "the valiant people of Malakand division for their sacrifices for restoration of peace" and said that the youth business scheme would be implemented in letter and spirit by removing obstacles, and assured to further improve the scheme by making it simpler and beneficial for loan seekers.
Sharif said that development of small and medium enterprises played key role in the economic development of any country but unfortunately this sector has been ignored in the country as no loan was extended by any bank to the poor people in the past.
